Does AmOne have mortgage loans available?
Although AmOne isn't a direct lender, our free service is able to match you with the highly rated mortgage loan options available in your market area. Our financial search specialists are available to answer your questions toll-free at 1-800-781-5187.
What kinds of mortgages are there?
There are three types of mortgage loans that people take out. There's an FHA loan from the Federal Housing Administration (FHA). This loan type is insured. There is the VA or Veterans Administration loan, available to military veterans or active duty members of our armed forces. Then there is the so-called jumbo mortgage loan, which is called that because the loan amount is large, usually much higher than what the Federal government restricts.
What's the difference between an interest rate and an APR?
Interest rates are what you pay on top of a loan in order to borrow that money. The math behind calculating interest is determining the percentage of the principal, which is the sum amount of the loan. An interest rate is paid a set number of times per time period (typically each month). An APR, which stands for the annual percentage rate, is different in that it includes the interest rate as well as any other costs involved in taking out a mortgage. These additional costs can include points (which is a fee), broker fees, service charges, and even late fees.
What's a HELOC?
A HELOC stands for a Home Equity Line Of Credit - this is a specific line of credit where you can obtain a loan using the equity in your home, townhouse, apartment, or condominium. Equity is the value of your property and that's what the lender uses as collateral for a home equity line of credit.
What's an adjustable-rate mortgage?
An adjustable-rate mortgage, or ARM, is a mortgage loan type where the interest rate on the loan is changed by the lender depending on an index. For mortgages, index refers to an economic measurement of changes in the market. Lenders will adjust mortgage interest rates based on changes to a particular index. These mortgages are regulated by the Federal government to put limits on charges.
What's a fixed-rate mortgage?
A fixed-rate mortgage (abbreviated as FRM) is a mortgage loan type where the interest rate remains the same throughout the entire loan term. This form of mortgage is also amortized, or structured to where the loan amount is paid down according to a schedule that breaks the payments down into equal amounts.